Kuwait Investment Authority (KIA) has appointed Farouk Bastaki as managing director to replace Bader Mohammed al-Saad, newspaper al-Rai reported on Monday, quoting unnamed sources.
The KIA is one of the world's biggest sovereign funds with assets estimated at $592 billion, according to the Sovereign Wealth Fund Institute.
Its investments include a 6.85 percent stake in Daimler, Thomson Reuters data shows.
Bastaki will take up his new post by April as part of a board reshuffle at the KIA, the report said.
Bastaki is currently the KIA's executive director for alternative investments